Boku, Inc.

Last updated
Boku
Company type Public
AIM: BOKU
Industry Payment service provider
Founded2009;15 years ago (2009)
Founder
  • Mark Britto
  • Ron Hirson
  • Erich Ringewald
  • Javier Martell
Headquarters
San Francisco, California
,
U.S.
Areas served
Worldwide
Key people
  • Stuart Neal (CEO)
  • Adam Lee (CRO)
  • Keith Butcher (CFO)
Website www.boku.com

Boku, Inc. is a mobile payments company that allows businesses to collect online payments through both carrier billing and mobile wallets, and is headquartered in San Francisco, California. Boku utilizes mobile network operator (carrier) data for consumers online. Boku operates in over 90 countries globally, offering a bank-grade payment system. [1]

Contents

In 2020, Boku processed over one billion billable transactions and processed over $7 billion in payments volume.[ citation needed ]

History

Boku was founded in 2009 by Mark Britto, Erich Ringewald and Ron Hirson [2] using the combined assets of Mobillcash Ltd. and Paymo, Inc. Boku raised a $13 million Series A investment from Khosla Ventures, Index Ventures and Benchmark. [3]

A year later, in 2010 Boku raised an additional US$25 million Series C investment, led by DAG Ventures. [4] In 2012, Boku raised another US$35 million, Series C investment led by NEA and existing venture capital investors. [5] In 2016, Boku again raised an additional US$13.75 million led by a consortium of UK investors along with GMO Payment Gateway. [6] [7] In total, Boku has raised more than $91M in venture capital funding from Benchmark Capital, Index Ventures, Khosla Ventures, DAG Ventures, Andreessen Horowitz, New Enterprise Associates, Telefónica, and GMO Payment Gateway.

On November 20, 2017, Boku listed its shares on the London Stock Exchange (AIM) through an £125 million initial public offering. [8]

Expansion

In 2012, Boku launched mobile wallet payments with GCash in the Philippines. [9]

In 2013, Boku announced the acquisition of Indian-based Qubecell. [10]

In 2014, Boku launched mobile payments for the Sony PlayStation Store. [11] The same year, they acquired German-based carrier billing provider Mopay. [12]

Boku acquired Mobileview, giving the company access to all four major mobile operators in Italy. [13] [14] In 2017, Boku exceeded $1B in annual payment volume for the first time. [15]

In 2018, Boku acquired Danal to add mobile authentication services that secure consumer accounts and transactions. [16]

In 2020, Boku acquired Fortumo, a carrier billing company, and recorded revenues of $54.6 million. [17]

Through its subsidiary, Boku Network Services IN Pvt. Ltd., Boku Inc. has obtained complete clearance from the Reserve Bank of India (RBI) to operate as a Payment Aggregator in India. This progress comes after the first in-principle permission that was given on 31 January 2023. [18]

Partnerships

Boku's payments customers include Apple Inc., Google, Sony, Microsoft, Facebook, Tencent, Spotify, Electronic Arts, DAZN and Riot Games amongst others.[ citation needed ] Payments partners include mobile operators Vodafone, Verizon, Jio, Deutsche Telekom, Telefónica, Saudi Telecom (STC), SK Telecom, Zong and mobile wallet providers LINE Pay, KakaoPay, RabbitLinePay, GCash, GoPay, OVO, Dana, GrabPay. [19]

Products and services

Boku provides businesses with the ability to accept mobile payments (direct carrier billing and mobile wallets) online from consumers. [20] Boku also offers a subscription bundling product, named Trident, that enables subscription services to be offered to consumers through a mobile network operator. [21] Additionally, Boku offers mobile identity products that utilize mobile network operator data in order for consumers to verify their identity in order to complete transactions online. [22]

Recognition and awards

In 2011, Mobile Trax awarded Boku their Mobility Award. [23] In 2011 [24] and 2013, Forbes selected Boku for their 25 most promising companies in America list. [25]

In 2014, Boku won the "Best Alternative Payments" award at 2014 Payment Awards. [26]

In 2020, Boku won the "Future Digital Awards" for Best Mobile Money Offering and Fraud Detection and Prevention Innovation. [27]

See also

Related Research Articles

<span class="mw-page-title-main">Telefónica</span> Spanish multinational telecommunications company

Telefónica, S.A. is a Spanish multinational telecommunications company with registered office and headquarters located in two different places, both in Madrid, Spain. It is one of the largest telephone operators and mobile network providers in the world. It provides fixed and mobile telephony, broadband, and subscription television, operating in Europe and the Americas.

<span class="mw-page-title-main">Deutsche Telekom</span> German telecommunications company

Deutsche Telekom AG is a German telecommunications company headquartered in Bonn and is the largest telecommunications provider in Europe by revenue. It was formed in 1995 when Deutsche Bundespost, a state monopoly at the time, was privatized. Since then, Deutsche Telekom has consistently featured among FortuneMagazine's top Global 500 companies by revenue, with its ranking as of 2023 at number 79. In 2023, the company was ranked 41st in the Forbes Global 2000. The company operates several subsidiaries worldwide, including the mobile communications brand T-Mobile. It is the world's fifth-largest telecommunications company by revenue.

<span class="mw-page-title-main">Mobile payment</span> Payment services via a mobile device

Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cash, cheque, or credit card, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.

<span class="mw-page-title-main">Mobile virtual network operator</span> Wireless telecom service reseller

A mobile virtual network operator (MVNO) is a wireless communications services provider that does not own the wireless network infrastructure over which it provides services to its customers. An MVNO enters into a business agreement with a mobile network operator to obtain bulk access to network services at wholesale rates, then sets retail prices independently. An MVNO may use its own customer service, billing support systems, marketing, and sales personnel, or it could employ the services of a mobile virtual network enabler (MVNE).

<span class="mw-page-title-main">O2 (Ireland)</span> Former broadband and telecommunications provider in Ireland

Telefónica Ireland was a broadband and telecommunications provider in Ireland that traded under the O2 brand (typeset as O2). O2 Ireland was previously called Esat Digifone when it was owned by Esat Telecommunications (and Telenor) from 1997 to 2006.

<span class="mw-page-title-main">Globe Telecom</span> Telecommunications company in the Philippines

Globe Telecom, Inc., commonly shortened as Globe, is a major provider of telecommunications services in the Philippines. The company operates the largest mobile network in the Philippines and one of the largest fixed-line and broadband networks. As of November 2023, Globe has 54.7 million subscribers, making it the second largest network in terms of subscriber base.

<span class="mw-page-title-main">Movistar</span> Telecommunication provider

Movistar is a major telecommunications provider owned by Telefónica, operating in Spain and Hispanic American countries. It is the largest provider of landline, broadband, mobile services, and pay television in Spain. Movistar is the second-largest wireless carrier in Mexico, with 25.8 million subscribers as of January 2020.

<span class="mw-page-title-main">Fortumo</span> Company based in Estonia

Fortumo was an Estonian company which developed a platform for digital service providers for user growth and monetization.

<span class="mw-page-title-main">O2 (UK)</span> British telecommunications provider

Telefonica UK Limited, trading as O2 (stylised as O2), is a British telecommunications services provider, headquartered in Reading, England which operates under the O2 brand. It is owned by VMED O2 UK Limited, a 50:50 joint venture between Telefónica and Liberty Global. O2 is the UK's largest mobile network operator, with 23.8 million subscribers as of May 2023.

JVL Ventures, LLC d/b/a Softcard, was a joint venture between AT&T, T-Mobile and Verizon which produced a mobile payments platform known as Softcard, which used near-field communication (NFC) technology to allow users to pay for items at stores and restaurants with credit and debit card credentials stored on their smartphones. The partnership was first announced on November 16, 2010; following a trial period in 2012, the service officially launched nationwide on November 14, 2013. The official Softcard app was available for NFC-compatible smartphones using the Android operating system and later on Windows Phone 8.1.

<span class="mw-page-title-main">Net mobile AG</span> German telecommunications software provider

The net mobile AG is a publicly traded business-to-business service provider. Its principal activities are in the fields of mobile payment, mobile content and other value-added services, which it offers to mobile network operators, digital media companies, and publishers worldwide. It was founded in 2000. The company has its headquarters in Düsseldorf, Germany. In 2014 it had revenues of about 120 million euros. Theodor Niehues is one of the key people who lead the company to success and achievement.

<span class="mw-page-title-main">Monitise</span>

Monitise was a British fintech company that provided mobile banking services and technology for mobile phones to financial institutions.

<span class="mw-page-title-main">Xsolla</span> Payment service provider

Xsolla is a global video game commerce company headquartered in Sherman Oaks, Los Angeles, California. It was founded in 2005 by Aleksandr Agapitov in Perm (Russia), and is incorporated with subsidiaries globally.

<span class="mw-page-title-main">Mavenir</span> American telecommunications software company

Mavenir Systems, Inc. is an American telecommunications software company, created in 2017 as a result of a three-way merger of existing companies and technologies, that develops and supplies cloud-native software to the communications service provider (CSP) market.

MobiKwik is an Indian payment service provider founded in 2009 that provides a mobile phone-based payment system and digital wallet. Customers can add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.

<span class="mw-page-title-main">Vibes (company)</span>

Vibes operates as a privately owned enterprise specializing in mobile marketing solutions, encompassing text message marketing, mobile wallet marketing, push notifications, and mobile web experiences. The company is headquartered in Chicago, Illinois.

Cellum Group is an international provider of mobile transaction solutions, including mobile payments and mobile commerce. The company is headquartered in Hungary, Europe, with several subsidiaries and affiliates around the world, including Austria, Bulgaria, Singapore and the United States.

Oxigen Services is an Indian fintech company. It is involved in the micropayment of services and remittances in real time.

GCash is a Filipino mobile payments service owned by Globe Fintech Innovations, Inc., and operated by its wholly-owned subsidiary, G-Xchange, Inc.

Maya, is a Filipino financial services and digital payments company based in Metro Manila, Philippines.

References

  1. ↑ "Boku, Digi to launch mobile identity services for fraud protection in Malaysia". thepaypers.com. Retrieved 2021-05-03.
  2. ↑ London Stock Exchange “BOKU, INC.”. Retrieved 22 May 2024.
  3. ↑ Chapman, Lizette. "Mobile-Payments Co. Boku Gets Indian Carriers With Qubecell Acquisition".
  4. ↑ Peter Kafka (19 January 2010). "Another Big Bet on Mobile Payments: Boku Raises $25 Million". All Things Digital. Retrieved 19 September 2016.
  5. ↑ Ingrid Lunden (15 March 2012). "Mobile Payment Startup BOKU Raises A $35M Round. NEA, Telefonica Among The Investors". Techcrunch. Retrieved 19 September 2016.
  6. ↑ Mannes, John. "Boku locks down another $13.75M to fund carrier connections for global expansion". TechCrunch. Retrieved 2017-09-15.
  7. ↑ Gedalyah Reback (September 2016). "Direct carrier payments get a boost as startup Boku scores $13.75 million funding round". Geektime. Retrieved 19 September 2016.
  8. ↑ Joshua Warner (20 November 2017). "DIRECT CARRIER BILLING FIRM BOKU JOINS AIM VALUED AT GBP125 MILLION (ALLIPO)". Alliance News Limited. Retrieved 12 February 2018.
  9. ↑ "GCash Now Works Anywhere Thanks To BOKU Partnership With Globe Telecom" . Retrieved 2021-05-03.
  10. ↑ Lizette Chapman (21 November 2013). "Mobile-Payments Co. Boku Gets Indian Carriers With Qubecell Acquisition". WSJ. Retrieved 19 September 2016.
  11. ↑ "Boku launches direct carrier billing on Sony's PS4". www.telecompaper.com. Retrieved 2021-03-28.
  12. ↑ Ary Levy (October 2014). "No slowdown in payments as Boku buys mopay". CNBC. Retrieved 19 September 2016.
  13. ↑ "Boku acquires Italian mobile payment provider". www.mobilepaymentstoday.com. 2015-08-13. Retrieved 2017-09-15.
  14. ↑ Tech Team (18 August 2014). "Mobile Payment Startup Boku Acquires Mobileview Italia to Expand Carrier-Billing in Europe". The Fast Mode. Retrieved 19 September 2016.
  15. ↑ "History & Development". Boku Inc. Retrieved 2021-03-28.
  16. ↑ "Mobile payment co. Boku acquires Danal for up to $68M to add user authentication". TechCrunch. 6 December 2018. Retrieved 2021-02-23.
  17. ↑ "Mobile payments outfit Boku to buy Fortumo". Finextra Research. 2020-06-17. Retrieved 2021-02-23.
  18. ↑ "The Global Reach of Boku: Reserve Bank of India Backs Boku for Payment Aggregator Services". Daily Excelsior. 2023-05-30. Retrieved 2024-04-22.
  19. ↑ Justin Llewellyn (11 April 2016). "Xsolla & Boku: Gateway to Drive Mobile Business". Xsolla Blog. Retrieved 19 September 2016.
  20. ↑ PYMNTS (2018-12-06). "Boku Buys ID Authentication Co. Danal For $68M". PYMNTS.com. Retrieved 2024-05-30.
  21. ↑ Paul Sawers (26 February 2015). "Boku launches 'phone-on-file' carrier billing to replace credit cards with phone numbers". Venturebeat. Retrieved 19 September 2016.
  22. ↑ press release (29 April 2016). "Spotify enlists Boku for carrier billing in Germany and Italy". Finextra. Retrieved 19 September 2016.
  23. ↑ Admin (25 March 2011). "Boku Wins the 2011 Mobility Award for Mobile Commerce". Boku Blog. Retrieved 19 September 2016.
  24. ↑ Brett Nelson, J.J. Colao and Max Mallet (30 November 2011). "Americas Most Promising Companies". Forbes. Retrieved 19 September 2016.
  25. ↑ Brett Nelson, J.J. Colao and Max Mallet (February 2013). "Americas Most Promising Companies". Forbes. Retrieved 19 September 2016.
  26. ↑ Scott Thompson (21 November 2014). "2014 Payments Awards: winners announced". Retail Systems. Retrieved 19 September 2016.
  27. ↑ "Juniper Research Recognizes Boku with two 'Future Digital Awards'". GlobeNewswire News Room. 2020-10-01. Retrieved 2021-05-03.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.